Industry Updates

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The global casino management system market is forecasted to grow from $7.24 billion in 2023 to $22.56 billion by 2030, meaning many casinos are implementing this software. By assisting in the on-going management, monitoring, and operations of casino or gaming organizations, CMS is making day-to-day operations in casinos much easier, but why stop there? Month-end close is a daunting, time-consuming process with headaches caused by various aspects of it, but it doesn’t have to be! With month-end close automation software, you can rid your reconciliation headache once and for all. Here are a few reasons how:

Standardization

If five staff accountants are doing reconciliations, you’ll get back five different forms. Implementing standardization will minimize errors and ensure each reconciliation is easy to understand and review. Another part of the month-end close that should be standardized is your close checklist. It’s always a challenge to define a clear order of operations for any process; doing so will take a bit of extra work upfront. However, the payoff will be worth it the next time you close.

Reduce Fraud

Fraud can cost a business millions of dollars when it goes undetected for too long. It’s much more beneficial to create systems that prevent fraud before it happens than to deal with the consequences of the aftermath. Automating inputs and utilizing technology that can catch alarming discrepancies in reporting provides the infrastructure for healthy financials. Fraud is much harder to perpetrate when the feed is automatic and done mostly by a machine.

Relieving Staff Burnout

The month-end close can be a real pain without the proper resources. Understaffing and manual processes contribute to stress, anxiety, and annoyance with the necessary work. Automating part of the workload eliminates some of the burden from the department. Your accountants have bright minds—allow them to use them to the best of their ability by freeing up space and time from their busy schedule.

Organization

Balance sheet general ledger accounts need to be reconciled on time or there’s going to be trouble. If compounding interest is the eighth wonder of the world, compounding reconciliations might be one of the eight nightmares. A late close of one month might even eat into the next month’s activities. Accounting teams should prioritize figuring out a system that suits their unique needs. Part of a great organizational strategy includes communication among everyone involved. No one should feel like they don’t know where each important piece of documentation is stored.

Organization is also important when it comes to open items and aging. It’s easy for something to slip through the cracks when it isn’t right in your line of sight, or when it has been misposted. If your conference room looks like a reconciliation war zone with spreadsheets scattered everywhere, it’s time to find a new strategy.

Digitize

With remote work becoming increasingly prevalent, resources need to be readily available for anyone who touches the close. This includes auditors, who aren’t going to be happy if the document trail isn’t captured. Moving your binders online isn’t only for remote teams. There are many benefits to going digital, including reduced storage costs, faster retrieval, and an easier way of enforcing compliance.

Considering automation

Adopting software to streamline the month-end close can bring the value of saved time and fewer mistakes, plus the added sanity restored to an overworked accounting team. Automating what you can to free up more time for high-value work will realize ROI fast. Automation is one of the main ways small teams can relieve the burden of a heavy workload. Repetitive processes are a perfect target for software to take over, as rules can easily be toggled. When the month-end close and reconciliation process is streamlined, accountants can focus more on analysis, investigate what can be done differently, and use the insight to make strategic decisions. If your organization continues to grow while your accounting team stays the same size, it’s paramount to do what you can to stay afloat during the demanding month-end close process.